TRINET GROUP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TRINET GROUP, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,060	3,275	3,503	3,856	4,034	4,540	4,907	4,994	5,053	5,010
Cost of revenue	190	213	229	245
Gross profit	2,870	3,062	3,274	3,611
Research and development	31	45	49	43	40	50	73	65	68	71
Selling and marketing	174	187	182	190	186	202	242	285	289	269
General and administrative	92	114	142	137	152	176	241	211	232	207
Operating income	124	217	251	268	368	455	499	469
Interest expense	20	20	22	21	21	20	39
Interest income		3	12	23	10	6	22	72
Other non-operating income	0	3
Pre-tax income	104	200	241	270	357	441	482	501	226	217
Income tax	43	22	49	58	85	103	127	126	53	62
Net income	61	178	192	212	272	338	355	375	173	155
EBITDA	163	252	297	309	377	464	509	478
EPS, basic	0.88	2.57	2.72	3.04	4.03	5.13	5.66	6.61	3.47	3.20
EPS, diluted	0.85	2.49	2.65	2.99	3.99	5.07	5.61	6.56	3.43	3.20
Shares, basic (weighted)	70.2	69	70	70	67	66	63	57	50	48
Shares, diluted (weighted)	72	71	72	71	68	67	64	57	50	49
Dividend per share								0.00	0.25	0.28

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	184	336	228	213	301	612	354	287	360	287
Short-term investments		0	54	68	57	135	76	65	0
Receivables	4.85	21	11	9	18	15	19	18	32	20
Other current assets	2	2	59	64	87	41	46	44	46	47
Total current assets	1,535	1,991	1,646	1,871	2,160	2,439	2,326	2,578	3,180	2,868
Property, plant and equipment	59	70	79	85	79	24	24	17	10	11
Lease right-of-use assets			0	55	51	42	31	24	24	36
Goodwill	289	289	289	289	294	294	462	462	461	461
Intangible assets	31	26	21	15	18	61	163	172	156	153
Long-term investments		0	135	125	138	168	151	143	0
Other non-current assets	18	55	78	96	93	115	133	139	143	140
Total assets	2,095	2,593	2,435	2,748	3,043	3,309	3,443	3,693	4,119	3,797
Accounts payable	23	45
Deferred revenue		52		44	134	97	106	65	76	57
Short-term debt	36.6	40	22	22	22	0
Total current liabilities	1,379	1,757	1,425	1,643	1,870	1,739	1,988	2,463	2,981	2,637
Long-term debt	422	383	391	369	348	495	496	984	908	895
Lease liabilities			0	48	49	41	41	30	26	37
Other non-current liabilities	8	14	18	8	9	7	7	5	14	13
Total liabilities	2,060	2,387	2,060	2,273	2,436	2,428	2,668	3,615	4,050	3,743
Total debt	459	40	413	391	370	495	496	984	908	895
Paid-in capital	535	583	641	694	747	808	899	976	1,056	1,135
Retained earnings	-500	-377	-266	-219	-144	74	-119	-896	-984	-1,081
Other comprehensive income	-0.6	0	0	0	4	-1	-5	-2	-3	0
Shareholders' equity	35	206	375	475	607	881	775	78	69	54
Total equity	35	206	375	475	607	881	775	78	69	54
Total liabilities and equity	2,095	2,593	2,435	2,748	3,043	3,309	3,443	3,693	4,119	3,797
Shares outstanding	69	69.8	70.6	69.1	66.5	66	60.6	50.7	49.5	47.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	61	178	192	212	272	338	355	375	173	155
Depreciation and amortization	39	35	46	41	9	9	10	9	7	5
Stock-based compensation	26	32	44	41	43	50	62	59	65	65
Deferred income tax	42	-25	1	-7	-42	-12	-21	4	-1	44
Change in receivables	0	-14	10	5	-7	3	4	-3	-2	0
Cash from operations	192	606	-104	471	546	218	497	539	279	303
Capital expenditures	-40	-38	-43	-45	-36	-40	-56	-75	-78	-69
Acquisitions	-15	0	-258		-12	0	-229	0	0
Purchases of investments	-15	0	-258	-302	-327	-444	-410	-276	-190	-78
Sales and maturities of investments	28	14	101	83	131	187	253	137	135	7
Cash from investing	-27	-24	-200	-188	-151	-135	-226	-70	153	-43
Debt repaid	-37	-38	-22	-22	-22	-370	0	0
Stock issued	9	16	14	11	10	11	11	15	12	11
Share buybacks	-72	-44	-61	-140	-178	-94	-523	-1,122	-183	-183
Dividends paid							0	0	-37	-52
Cash from financing	-104	-77	-85	-176	-208	12	-471	-540	-207	-49
Exchange rate effect	-0.21				0	0	-1	0	0	0
Net change in cash	61	505	-389	107	187	95	-201	-71	225	211
Free cash flow	152	568	-147	426	510	178	441	464	201	234
Interest paid	15	16	17	19	16	12	18	25	59	52
Income taxes paid	39	2	49	62	123	129	128	114	76	27

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $65.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	5.1%	Pre-tax income / revenue.
Net margin	3.6%	Net income / revenue.
FCF margin	5.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.6%	Cash from operations / revenue.
Effective tax rate	29.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	140.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.2%	Net income / average total assets.
R&D / revenue	1.4%	Research and development expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-10.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-24.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-10.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-6.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-17.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-15.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-11.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	16.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-19.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-14.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-21.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-58.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-38.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-8.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.13x	Current assets / current liabilities.
Quick ratio	0.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	7.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.8%	Total debt / total assets.
Liabilities / assets	96.3%	Total liabilities / total assets.
Net debt	$538.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$275.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	19.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$513.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.46x	Revenue / average total assets.
Fixed asset turnover	181x	Revenue / average property, plant and equipment.
Receivables turnover	1,628x	Revenue / average receivables.
Days sales outstanding	0 days	365 x average receivables / revenue.
FCF conversion	164.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.80	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$106.17	Revenue / diluted weighted shares.
FCF per share	$6.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.04	Cash from operations / diluted weighted shares.
Book value per share	$2.72	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$11.16	Tangible book value / shares outstanding.
Cash per share	$7.79	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	18.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	58.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.99B	Share price x shares outstanding.
Enterprise value	$3.53B	Market cap + total debt - cash - short-term investments.
P/E	17.1x	Market cap / net income. Only when net income is positive.
P/S	0.61x	Market cap / revenue.
P/B	23.9x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	10.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.08x	Market cap / cash from operations, when positive.
EV/Sales	0.72x	Enterprise value / revenue.
EV/FCF	12.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.6%	Free cash flow / market cap.
Earnings yield	5.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.7%	Dividends paid over the period / market cap.
Shareholder yield	7.4%	(Dividends paid + share buybacks) / market cap.

What was TRINET GROUP, INC.'s revenue in fiscal 2025?

TRINET GROUP, INC. reported revenue of $5.01B for fiscal 2025, 0.9% lower than the year before.

Was TRINET GROUP, INC. profitable in fiscal 2025?

Yes. Net income was $155.0M, a net margin of 3.1%.

How much free cash flow did TRINET GROUP, INC. generate in fiscal 2025?

Cash from operations of $303.0M minus capital expenditures of $69.0M left free cash flow of $234.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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